GMR completes Singapore arm stake sale to PETRONAS
December 29th, 2011 - 5:55 pm ICT by IANS ( Leave a comment )New Delhi, Dec 29 (IANS) PETRONAS Power, a subsidiary of Malaysian oil firm PETRONAS, has paid SG$50 million ($38.4 million) for 30 percent stake in GMR Energy (Singapore), a subsidiary of GMR Infrastructure.
GMR Infrastructure (Singapore) completed the transfer of shares on Dec 27.
In a regulatory statement, GMR Infrastucuture said PETRONAS Power had also paid about S$19 million equivalent towards the 30 percent shareholder loan contributed by the company.
GMR Infrastructure had entered into the stake sale agreement in September, but had not disclosed the financial terms then.
GMR Energy is developing a 800 MW combined cycle gas turbine (CCGT) power pant on Jurong Island, Singapore, which will be designed and constructed by a consortium consisting of Siemens and Samsung.
At the Bombay Stock Exchange the shares of GMR Infrastructure closed 1.51 percent up to trade at Rs.20.20
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Tags: 50 million, bombay stock exchange, combined cycle gas turbine, consortium, cycle gas turbine, gmr, infrastructure, jurong island singapore, New Delhi, oil firm, pant, percent stake, petronas, samsung, shareholder, siemens, subsidiary, transfer of shares
